Most children entering college, or pursuing other activities, are at least 18 years old and for most purposes they are legally “adults.” This means that parents no longer have the same access to information or control over their children after age 18. Proper planning for the legal issues that arise with an 18 – 21 year old child can help bring some peace of mind.

“Contrary to recent commentary, the Cunningham decision should come as no surprise and is consistent with our past advice to clients who are residents of other states but spend time in Ohio: simply meeting the three mechanical tests is not enough, you must also act in a man­ner consistent with being a resident of another state.”

Section 101(j) of the Internal Revenue Code provides that proceeds of corporate-owned life insurance policies are generally taxable income to the corporation. Fortunately, however, there is a simple, but essential income tax return requirement that makes the proceeds non-taxable.